Home prices in October up over year ago

Market rebound, decline in supply cited in sales rise

By CHRISTOPHER S. RUGABER THE ASSOCIATED PRESS

Posted: December 27, 2012 at 1:20 a.m.

Credit: Bloomberg
A worker installs roofing material on a house under construction at Davidson Communities LLC's Arista at The Crosby development in Rancho Santa Fe, California, U.S. on Friday, Dec. 21, 2012. New home sales climbed to a 380,000 annual rate in November, the most since April 2010, according to the median forecast of 60 economists surveyed by Bloomberg before Dec. 27 figures from the Commerce Department. Photographer: Sam Hodgson/Bloomberg

Home prices rose in most major U.S. cities in October compared with a year ago, pushed up by rising sales and a decline in the supply of available homes. Higher prices show that the housing market is improving even as it moves into the more dormant fall and winter sales period.